Zara owner Amancio Ortega becomes world’s third richest

Amancio Ortega Gaona, the founding chairman of Spain-based fashion group Inditex and owner of famous clothing label Zara, has occupied the third position on this year’s Forbes list of billionaires.

With a net worth of US$ 57 billion, the world’s third richest man owns nearly 60 percent stake in Inditex and has a thriving real estate business worth of over US$ 4 billion, owning buildings in world-class cities like Madrid, London, Chicago, San Francisco and New York, according to Forbes.

The Spanish billionaire founded the multinational clothing company Inditex, specializing in textile design, manufacturing and distribution, in the year 1985.

With over 5,500 stores worldwide, the group operates brands like Bershka, Pull and Bear, Massimo Dutti and Stradivarius.

The 76-year-old businessman’s most popular brand Zara, founded in 1975, offers stylish and affordable clothing and accessories based on the latest runway looks.

Ahead of the Spanish tycoon, Mexican business magnate, investor, and philanthropist Carlos Slim Helú and American billionaire Bill Gates occupy the first and second positions respectively in Forbes list.

Compiled and published by the American national business magazine Forbes, Forbes list of billionaires is an annual ranking method of the world's richest people.